Former Dallas Fed Danielle DiMartino Booth and The Americas at Natixis Chief Economist Joseph Lavorgna discuss the newly released Fed minutes and inflation fears.
Inflation will remain in focus this week with investors set to listen closely to comments from New York Federal Reserve Bank President John Williams on Monday, as well as key inflationary data throughout the week, such as the core CPI.
The big banks will also kick off the earnings season and space stocks may be active after Richard Branson’s historic suborbital spaceflight.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34870.16 | +448.23 | +1.30% |
| SP500 | S&P 500 | 4369.55 | +48.73 | +1.13% |
| I:NCOMP | n.a. | n.a. | n.a. | n.a. |
This as the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite will all begin the week at record highs.
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
Monday 7/12
Investors will get the first chance to react to Virgin Galactic’s successful Unity 22 test mission as Richard Branson blasted into space.
The stock and other space exchange-traded funds will likely be active.
His historic mission drew praise from fellow billionaires including Blue Origin founder Jeff Bezos who is set to follow at the end of the month.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SPCE | VIRGIN GALACTIC HOLDINGS INC. | 49.20 | -3.49 | -6.62% |
| UFO | PROCURE ETF TRUST II PROCURE SPACE ETF | 31.04 | +0.56 | +1.84% |
| ARKX | ARK ETF TR SPACE EXPLORATION & INNOVAT | 20.90 | +0.34 | +1.65% |
China’s Didi, under fire from Chinese regulators, will also take the spotlight as it is slated to be added to S&P Dow Jones’ global equity indexes.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIDI | DIDI GLOBAL INC | 12.03 | +0.82 | +7.31% |
Federal Reserve Bank of New York President John Williams will also deliver a keynote before the “Inflation: Dynamics, Expectations and Targeting” virtual event organized by the Bank of Israel and Center for Economic and Policy Research.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET, INC. | 2,510.37 | +9.49 | +0.38% |
| MS | MORGAN STANLEY | 90.33 | +2.69 | +3.07% |
It will also be a big day for Google and Morgan Stanley as they begin to welcome back more employees joining Wall Street firms JPMorgan and Goldman Sachs who have already ripped off the band-aid.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 14.48 | +0.42 | +2.99% |
Ford will also continue temporary shutdowns of several of its plants due to an ongoing chip shortage, which caused the automaker’s overall sales in June to drop 26.9% year-over-year.
Subway will close half its restaurants Tuesday as it revamps its menu. (iStock) (iStock / iStock)
In food news, Subway will close half of its restaurants early to prepare for its revamped menu on Tuesday, which will offer more than 20 menu updates, including “11 new and improved ingredients, six all-new or returning sandwiches and four revamped signature sandwiches.”
The chain is also celebrating the revamped menu by giving away a total of 1 million free six-inch Turkey Cali Fresh subs on July 13. Participating restaurants will only be giving away 50 free subs each, between 10:00 a.m. and 12:00 p.m. local time.
Tuesday 7/13
Earnings will kick off on Tuesday morning with major names including Conagra Brands, Fastenal, First Republic Bank, Goldman Sachs, JPMorgan Chase, PepsiCo.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAG | CONAGRA BRANDS, INC. | 36.12 | +0.03 | +0.08% |
| FAST | FASTENAL CO. | 53.84 | +0.84 | +1.58% |
| FRC | FIRST REPUBLIC BANK (SAN FRANCISCO, CALIFORNIA) | 194.49 | +8.04 | +4.31% |
| GS | THE GOLDMAN SACHS GROUP, INC. | 371.76 | +12.82 | +3.57% |
| JPM | JPMORGAN CHASE & CO. | 155.77 | +4.83 | +3.20% |
| PEP | PEPSICO, INC. | 149.48 | -0.38 | -0.25% |
Tuesday will also be a key day for economic data with the National Federation of Independent Business’ optimism index, the consumer price index, core CPI, and the federal budget deficit for June all on the docket.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DELL | DELL TECHNOLOGIES, INC. | 100.25 | +1.25 | +1.26% |
| HOG | HARLEY-DAVIDSON, INC. | 45.53 | +1.21 | +2.73% |
| ATA | AMERICAS TECHNOLOGY ACQUISITION CORP. | 10.02 | +0.06 | +0.60% |
Other notable events to keep an eye on include Dell’s conference call discussing its Environmental, Social and Governance (ESG) strategy, Harley-Davidson’s unveiling of a new bike for its sport segment, and the United Steelworkers Union’s vote on a proposed contract with Allegheny Technologies to end a worker strike that began on March 30.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MCD | MCDONALD’S CORP. | 235.68 | +2.84 | +1.22% |
Tuesday also marks National French Fry Day and the launch of the MyMcDonald’s Rewards program. As part of the celebration, McDonald’s will be giving away free fries to customers who opt-in to its loyalty program and place orders through the fast food chain’s app. It will also launch a World Famous Fan contest, offering sixty-six McDonald’s fans one million MyMcDonald’s Rewards points. One lucky fan will also walk away with free fries for life.
Wednesday 7/14
Big banks will take the spotlight for earnings on Wednesday with Bank of America, BlackRock, Citigroup, PNC Financial Services, and Wells Fargo all set to report. Delta Airlines is also slated to unveil its latest quarterly earnings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BAC | BANK OF AMERICA CORP. | 40.04 | +1.26 | +3.25% |
| BLK | BLACKROCK, INC. | 901.31 | +24.81 | +2.83% |
| C | CITIGROUP, INC. | 68.45 | +1.72 | +2.58% |
| PNC | THE PNC FINANCIAL SERVICES GROUP, INC. | 189.67 | +6.44 | +3.51% |
| WFC | WELLS FARGO & CO. | 43.91 | +1.59 | +3.76% |
| DAL | DELTA AIR LINES, INC. | 42.92 | +0.85 | +2.02% |
Economic data on the board for Wednesday includes the producer price index, the Beige Book, weekly mortgage applications and the Energy Information Administration’s weekly crude stocks.
President Biden will also meet with a bipartisan group of governors and mayors to discuss the importance of critical investments in infrastructure nationwide.
Thursday 7/15
Bank earnings will keep on rolling Thursday with Bank of New York Mellon, Morgan Stanley and US Bancorp reporting before the market open. Investors will also hear from Cintas, Progressive and UnitedHealth Group.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BK | THE BANK OF NEW YORK MELLON CORP. | 49.93 | +1.59 | +3.29% |
| MS | MORGAN STANLEY | 90.33 | +2.69 | +3.07% |
| USB | U.S. BANCORP | 56.97 | +1.93 | +3.51% |
| CTAS | CINTAS CORP. | 388.32 | +1.52 | +0.39% |
| PGR | PROGRESSIVE CORP. | 99.63 | +1.14 | +1.16% |
| UNH | UNITEDHEALTH GROUP, INC. | 412.11 | +2.16 | +0.53% |
After the bell, earnings from Alcoa, American Outdoors Brands, People’s United Financial will be in focus.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AA | ALCOA CORP. | 37.44 | +2.08 | +5.88% |
| AOUT | AMERICAN OUTDOOR BRANDS INC. | 33.79 | +1.15 | +3.52% |
| PBCT | PEOPLE’S UNITED FIN. INC. | 16.70 | +0.60 | +3.73% |
Thursday will also offer a slew of economic data including initial and continuing jobless claims, industrial production, the Philadelphia Fed manufacturing, Empire State manufacturing and import price indexes.
Meanwhile, President Biden will host German Chancellor Angela Merkel at the White House, where the leaders will “affirm the deep bilateral ties between the United States and Germany.”
“The leaders will discuss their commitment to close cooperation on a range of common challenges, including ending the COVID-19 pandemic, addressing the threat of climate change, and promoting economic prosperity and international security based on our shared democratic values,” White House press secretary Jen Psaki said in a statement.
IRS building signage (iStock)
It will also be a big day for more than 36 million families, who will receive letters from the IRS this week with the first advance payment for the child tax credit. The payment will be up to $300 per month for each qualifying child under age 6 and up to $250 per month for each qualifying child ages 6 to 17. The payments will be issued by either direct deposit or checks.
CHILD TAX CREDIT: WHO QUALIFIES?
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| M | MACY’S, INC. | 18.67 | +1.20 | +6.87% |
In addition, Macy’s will hold a national hiring event at 500 store locations.
Friday 7/16
Wrapping up the week will be earnings from Charles Schwab, Kansas City Southern, State Street before the market open as well as retail sales, the University of Michigan’s consumer sentiment index, business inventories.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SCHW | THE CHARLES SCHWAB CORP. | 70.55 | +2.61 | +3.84% |
In the world of politics, former vice president Mike Pence will speak in Des Moines, Iowa at the Family Leadership Summit. Friday also marks the deadline for individuals running in the recall election for California governor to submit their candidacy. The recall election is officially set for September 14.
The Chicago Auto Show will also kick off on Friday and run through July 19. On Thursday, members of the media will take part in a preview of the event, with presentations from Ford, Jeep, Kia, Lexus, Nissan, Ram, Toyota and Volkswagen.
